Buy A New Home Before Selling or Renting Your Current Primary!
We just came out with a new program that allows a borrower to buy a new home who haven’t get listed or rented their current primary (departure residence) prior to closing. This feature enables a borrower to exclude their current prior residence payment from their debt to income ratio, and helps the borrower qualify for the new purchase. Some of the requirements are as follows:
- Minimum of a 700 middle credit score
- Maximum loan to value of 80%
- Minimum $300k loan amount
- A signed letter of intent to indicate you intend to rent or list the departure residence within 90 days of closing on the new property
- The departure residence must have at least 20% equity in it
- Reserves of 6 to 9 months are required
Call or email us today to find out more!